EVPro already allowed firms to build and risk rate their model portfolios using over 160,000 risk-rated funds but has now added greater automation to the MPS process.

It has added automated links to 250 model portfolios managed by a range of MPS providers.

EV said the new functionality will save advisers time and remove the need to rekey information.

Gemma Brazier, product owner at EV, said: “We’re committed to continually enhancing the software and know from adviser feedback that greater automation around adding and maintaining model portfolios will support firms in achieving greater efficiencies and better Financial Planning outcomes.”

EVPro is a Financial Planning tool that allows advisers to create and manage suitable client plans. It also supports advisers with their Consumer Duty requirements by using stress-testing functionality and EV’s stochastic model to deliver forecasts of client outcomes.

It consists of three core modules:

• EVPro Risk – a clients risk profiling solution
• EVPro Invest – analysis of existing investments and creation of investment solutions
• EVPro Goal – a cashflow management tool with an automated stress-test feature.

The modules can be used as standalone tools or in combination.

There are also two additional bolt-on modules: a problem solving and a review module.